Omni charges zero explicit trading fees; the user's cost is the bid-ask spread OLP quotes. Variational's revenue is a share of that spread, swept from settlement pools into a protocol treasury wallet, with the remainder retained by OLP.

Users request a quote and OLP, Variational's in-house market maker, is the sole counterparty on Omni; trades are priced, agreed, and booked off-chain, with the chain holding only USDC collateral. Each user is deployed a bilateral settlement pool by a factory contract, and every state-changing function is oracle-gated, so an off-chain operator drives settlement.

Variational is an RFQ perpetuals venue on Arbitrum. Its consumer app, Omni, lets users trade perpetual futures against the protocol's own market maker, OLP.

twitter

website

github

Derivative exchanges

Variational

# variational Tvl Methodology

## 1. Overview

Tvl is calculated as the total value of collateral locked within the bilateral settlement pools of Variational Omni. Active margin and collateral supplied by users and market makers to secure derivative positions on the platform are represented by this metric. By aggregating the net flows of assets within these pools, the overall liquidity and economic capacity of the protocol are quantified. A reliable indicator of the protocol's capacity to support trading volume and settle contracts is provided to institutional investors.

## 2. Data sources

- **Blockchain events**: `PoolCreated` events from `SettlementPoolFactory` contracts and daily token net flows, covering Arbitrum
- **External data**: End-of-day price feeds for USDC

## 3. Step-by-step calculation

### Component A: Variational Omni settlement pool identification

- **Purpose**: Active bilateral settlement pools are identified.
- **Logic**: `PoolCreated` events from `SettlementPoolFactory` contracts are parsed to extract the addresses of all deployed settlement pools. Non-pool addresses, such as the market maker's own vault and hedging wallet, are excluded from the calculation to ensure that only user-facing bilateral settlement pools are tracked.
- **Key fields**: `pool_address`

### Component B: Variational Omni net flow tracking

- **Purpose**: Daily net flows of USDC into the identified pools are calculated.
- **Logic**: Daily token net flows for USDC are filtered to include only transactions where the destination or source matches an identified settlement pool address. Because pool withdrawal events can be suppressed by the contract, collateral is measured directly from token transfers. Source values are already decimal-corrected, so no additional scaling is applied to the raw transfer values.
- **Key fields**: `timestamp`, `token_address`, `value`

### Component C: Cumulative balance calculation and fill-forward

- **Purpose**: The running balance of collateral over time is computed.
- **Logic**: Daily net flows are aggregated across all identified pools. A running sum of these daily net flows is calculated to determine the cumulative balance of USDC held in the pools. To account for days with no pool activity, a fill-forward mechanism is applied to carry the last known balance forward to subsequent days.
- **Key fields**: `delta_tvl`, `tvl`

### Component D: USD conversion and aggregation

- **Purpose**: Cumulative balances are converted to USD.
- **Logic**: The cumulative USDC balances are multiplied by end-of-day price feeds to determine the final TVL in USD. Daily granularity is maintained using UTC day boundaries.
- **Key fields**: `tvl`, `price_usd`

*This methodology was automatically generated by Token Terminal's methodology analyzer.*

Total value locked (TVL)

Total value locked (TVL) — value deposited into the project's applications.

VariationalVAR

Total value locked

Total value locked

Competitive landscape